It’s the scourge of so many businesses: Your marketing team works hard to attract and convert customers. Potential users are attracted to your website and mobile app. They’re intrigued, decide to sign up and are excited about making a purchase or funding their account. Success!
Not quite: Many of these customers are turned away, up to 40% in some cases. They get a screen telling them that their account must undergo “manual review,” triggering a delay in the approval process. Even if the manual review approves these customers, there’s a good chance they will never follow through. They've already moved on to one of your competitors.
Many businesses rely on online systems to onboard new customers and account holders. When the prospect enters their information into the system and presses the “Submit” button, the system may run some checks to help determine whether the transaction and the customer are legitimate. If red flags are detected, the application or transaction may be sent for manual review.
During the manual review process, an employee or third-party contractor reviews the application or transaction to determine its legitimacy. Once the manual review is complete, a final decision is delivered to the customer, who, if approved, can continue with the onboarding or sign-up process.
While manual reviews may seem necessary, particularly in an age of ever-increasing fraud and corresponding compliance standards, there are significant drawbacks to their use. These include
While manual review has significant drawbacks, its purpose remains relevant: It’s important to stop fraudulent transactions. Your organization can’t afford to lose money due to poor compliance standards. What you can do, however, is optimize your automated-review process. Make review a function of your website or app so that legitimate customers enjoy seamless transactions while your financial institution stays protected.
Does automating the manual review process sound like an impossible task? It isn’t. At Instnt, we offer a fully managed and integrated process that seamlessly reviews customer applications, reduces fraud and improves the customer onboarding experience. You tell us what compliance checks you need, and Instnt AcceptTM will perform them. Plus, we stand behind our service with up to $100M in annual fraud loss indemnification. Contact us today to schedule a demo.